Australia's Lake Resources NL loses most in 9 months on discounted placement

Lake Resources NL

12/03/2024 24:41

** Shares of Australia's Lake Resources NL  LKE.AX  fall as
much as 24.4% to A$0.087, their biggest intraday fall since June
2023
    ** Stock at its lowest level since Feb. 6
    ** The lithium developer receives firm commitments in
institutional placement to raise A$15 mln ($9.93 mln) at issue
price of A$0.07 per share
    ** Issue price represents a discount of 39.1% to stock's
last closing
    ** Issue of 213.6 mln shares represent ~0.2% of co's free
float of 1.18 bln shares - LSEG data
    ** Stock down 11.5% YTD as of last close

($1 = 1.5108 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))